With a new year coming up, it’s a great time for some of us to review how our monthly budgets are doing, and for others it’s time to start thinking about putting together a budget.

President and CEO of Community State Bank in Paton Craig Marquardt says a monthly budget can be something as simple as keeping track of expected expenses, income and any remaining income as savings. He points out some of the priorities for expenses include: home mortgage or rent, food, utility payments, along with car, school debt and credit card payments. Marquardt adds that you should also try to save some money for unexpected expenses.

“You have to anticipate that eventually down the road you’re going to have some unexpected expenses that hit. Whether that be a vehicle repair, whether it be a health cause or anything that’s going to be involving the family. It’s going to be extra expense that’s just not planned everyday.”

One area Marquardt urges people to avoid is having to pay late fees.

“There’s a lot of people out there that pay way too many late fees. I explain it to people it’s like you’re driving down the road, just open up the window and toss a twenty dollar bill or $40 out the window because it adds up so quick on those fees and you never get that back and nobody benefits from it.”

Marquardt adds that by having a budget, it will help keep better finances and make you aware of where your income is going each month.